What is bitcoin?
It is a digital payment system created by satoshi nakamoto. They were released in 2009. It is not controlled y anybody since it in electronic means. The system used is peer to peer and this allows you to transact without any middlemen. Unlike Euros and dollars that are printed, the digital currency is not printed. It is most used by people who run their businesses on an online platform. It is the first of its kind falling under the category cyptocurrency. Given that they are fast gaining acceptance by several merchants it means that you can easily buy pizza, web hosting services and manicures online without any stress. You use the coins to buy items anonymously. Most small businesses prefer to use this method for payment because it does not have any fees. The absence of fees makes it easy for business owners to increase their profits.
Advantages
There are number of things that make this coin different from other currencies. Here are the advantages that you will enjoy when you choose to use this modern day money.
Easy set up: conventional currencies require you to open a bank account that takes a lot of time. With the digital currency you can do this in a matter of seconds.
Decentralized: it is not controlled by any authority. This simply means that no authority can take away these coins.
Transparent: it has a block chain that keeps records of all transactions. The protocols cannot be controlled by the government or anybody else. It is easy to know the transactions that have taken place thanks to the bitcoin block chain.
No transaction fees needed: you do not have to part with any money when doing your transactions. It has lower fees compared to PayPal because and credit cards.
Fast: you can send money around the world and it will be received in just a few minutes after the payment has been processed.
Less risky: it is not easy to be conned when you use this modern payment method. Once a transaction has been done it cannot be reversed.
Secure: it protects you against theft because your personal details are hidden. It can also be encrypted.
Disadvantages
Everything that has an advantage must have a disadvantage. Here are some of the flaws that will make it hard to use bitcoins.
Uncertain: it is not guaranteed whether bitcoin will be in existence a few years to come or not. There are so many things that may lead to its downfall.
Understanding: a good number of people do not know about this digital currency. Thus, the people should be educated about it so that they can use this currency.
It does not have buyer protection: once a buyer sends the money and the seller does not deliver the goods; he cannot claim his money back. The buyer will be left to count his loses.
Easy to lose the wallet: you can easily lose your wallet if your hard drive becomes crashed or the information is corrupted by a virus. It will not be easy to get your coin back.
Buying bitcoins
Now that you know the pros and cons of these coins, you are wondering how to go about buying them. Well, you do not have to worry anymore because it is very simple. There are so many bitcoin exchanges or marketplaces that allow you to buy or sell bitcoins. When you buy the coins, you can either pay for them using debit cards, wire transfer or credit cards. You cannot buy digital currency using your PayPal account or credit card. These companies do not allow the buying of digital currency for security reasons. Those who are in the United States can use coin base and circle allows them to make purchases with their credit card. It gives you the convenience that you need to get your product.
Storing your coins
Once you have bought your coins, you can store them in your digital wallet. The digital wallet is some kind of a bank account. There are different wallets for different security levels. You can choose to go for software wallet that allows you to store your currency on hard drive, vault service or a web-based service. You should make sure that you backup your wallet in case you opt to use hard drive. Getting the coins is hard and losing them will leave you stressed. Losing these coins is the last thing you need. It is therefore important that you store your digital wallet with a lot of care.
Conclusion
Bitcoin is a new technology and if it get acceptance people. It can transform the world just like the internet and Smartphone. It is still some kind of experiment on digital currency. However, it is fast gaining acceptance in the online marketplace. Many merchants are opting for this type of currency because of the convenience it provides. If you do a lot of transactions online, then you can opt for using the digital currency. However, you can only use it for merchants who accept it as a mode of payment. Now that you know everything there is to know about his form of digital currency, you can go ahead and try it out. You will be amazed at the convenience it offers.
Source: https://buyabitcoin.com.au/
